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1 H1 2026 Results Phoenix Financial August 25, 2026
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2 Disclaimer This presentation includes information regarding the Company’s financial statements results and strategic plan & targets. Accordingly, the presentation includes forward-looking information as defined in section 32A of the Securities Law 1968. The information regarding the strategic plan & targets update includes, among other things, forecasts, goals, assessments, and various estimates, including information presented by way of illustrations and/or graphs and/or tables relating to future events or matters, the realization of which is uncertain and not under the control of the Company or the companies in the Phoenix group, including, among other things, regarding revenues and profitability from new initiatives and the implementation of various plans, profit forecasts, EBITDA, and other future financial data. The Company's management has carried out a process of updating its strategic goals, based on the Company's data, market data, raw or processed internal information collected, and comparative information, and based on certain working assumptions regarding the Company's activities and relevant markets. Such information is based on the subjective assessment of the Company and its advisors, and among other things, relies on past experience, the professional knowledge accumulated by the Company, existing information, and current expectations and assessments, including future developments as known to the Company today. The realization and/or non-realization of forward-looking information which is stated in the financial reports and this presentation will be affected by risk factors that characterize the activities of the Company and group companies, as detailed in the Company's periodic reports, including changes in economic conditions, capital market in Israel and globally, the development of competition in the segments relevant to the group's activities, regulatory changes, changes in consumer preferences and consumption habits, changes in working assumptions or in the economic models and assumptions, and changes in implementation or execution that can not be estimated in advance and may not be controlled by the Company. Hence, there is no certainty that the actual results and achievements of the Company in the future will be in accordance with these views and may differ, also substantially, from those presented in this presentation. Furthermore, the presentation includes data and assessments based on external sources, the contents of which were not independently tested by the Company and therefore the Company is not responsible for their accuracy. This presentation may include information that is presented differently from the way it was presented in the company's official reports, some information may be presented and/or categorized and/or edited and/or segmented differently from the company's official past reports. Certain financial measures presented herein are non-IFRS financial measures, which should not be considered as a substitute for or superior to financial measures calculated in accordance with IFRS. This presentation should not be seen as an offer to purchase or sell the Company's securities, or an invitation to receive such offers The presentation was prepared for convenient and concise presentation only, and does not purport to cover all the data about the Company and its activities and/or all the information that may be relevant for making any decision regarding investment in the Company's securities in general In any case of contradiction and/or inconsistency between the information presented in this presentation and the information in the Company's financial reports and/or its public reports, the information in the financial and other reports shall prevail. This presentation also includes information that the Company has gathered from third parties, where the Company has not independently verified the data. For the avoidance of doubt, the Company does not undertake to update or change the information included in this presentation.
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3 Highlights Strategy & Guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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4 Phoenix Financial | Overview 3.2 NISb Comprehensive Income 2.7 NISb Core Income 658 NISb ($217b) AUM 19.3% ROE 5-year average1 21% AUM 5-year CAGR1 12.5 NISb Shareholders’ equity BBB/Baa2 International ratings4 All figures based on 2025 unless specified otherwise; 1 Five-year period (2021-25), acquisitions included; 2 Maala ESG Index 2025; 3 Solvency with transitional measures estimated as of December 31, 2025; 4 International ratings include S&P BBB and Moody’s Baa2 for Phoenix Financial with positive outlook, S&P A- with positive outlook & Moody’s A3 with positive outlook (Moody’s standalone Finance (Credit) profile A2 before sovereign constraint) for Phoenix Insurance, Israeli ratings - ilAA for Phoenix Financial & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Financial & Aaa.il for Phoenix Insurance by Midroog, AA+ to Phoenix Agencies, AA to Phoenix Gama AA- to Phoenix Investment House by S&P, AA- to Phoenix Pension & Provident by Midroog; 5 Adjusted EBITDA - see Glossary for definition; 903 NISm without minority interest; 6 Average yield for 2021-25; 7 Including shift to IFRS-17 in 2024 reporting, positively impacting core income Distinctive performance Institutional-grade platform Strong capital base Ongoing buybacks Annual program Platinum Plus ESG ratings2 >40% Employees with equity 5.5% Average Dividend yield6 Strong capitalization & cashflows Balance-sheet earnings Optimized capital deployment High growth engines Scalable fee-generating platforms Recurring revenues & earnings 895 NISm Core Income 1,755 NISm Core Income 4.2 NISb Revenues 1,567 NISm EBITDA5 8.0 NISb Shareholders’ Equity 178% Solvency II Ratio3 A- / A3 International ratings4 AAA Israel ratings4 Scaled financial platform & permanent-capital allocator 2025 highlights 35% 5-year CAGR1,7 30% 5-year CAGR1 33% Core Income 5-year CAGR1 AA Local ratings4 Insurance P&C, Life & Health Asset Management Wealth & Investments, Retirement, Brokers & Advisors, Payments & Financing AA- / AA / AA+ Israel ratings4 2025 highlights (AUMs & ratings as of Q2 2026)
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5 Israel | Scaled Access to a Dynamic Innovation Economy 1 Israel Securities Authority / Jefferies; 2 Israel Central Bureau of Statistics, LTM not-annualized; 2026 forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate), forecast not updated with 2026 war impact; 3 Current USD, as of 2026, not PPP adjusted, IMF; 4 Bank of Israel; financial assets held by the public; 2022 decline due to yields; 5 Israel Central Bureau of Statistics, 2025-6 forecast from Bank of Israel; 6Bloomberg; long-term yields based on Israel 10-year government bond (not CPI-linked), for the last month of the period; 7 Bloomberg; end of period unemployment GDP per Capita 3 Nominal, USD Scaled institutional access to one of the world’s most dynamic innovation economies with strong demographics, productivity growth, and rapid wealth accumulation1 Proven resilience through 2023-26 headwinds, including TA-35 53% returns 2025 & 16% returns 2026 YTD, with reduction in risk premiums reflected in CDS Positive economic indicators & strong capital markets continue to support growth in savings & investments and substituting for deposits GDP Growth 2 Percent Inflation 5 Percent Long-Term Yields (10Y) 6 Percent Unemployment 7 Percent 0.9 1.3 3.6 3.9 4.5 4.0 3.7 2020 2021 2022 2023 2024 2025 Assets & Savings AUM 4 NIS Trillion 2.3 2.7 2.6 2.9 3.3 3.9 4.2 1.4 1.6 1.7 1.7 1.8 2.0 2.1 0.8 0.9 0.8 0.8 1.1 1.3 1.4 2020 2021 2022 2023 2024 2025 5/26 4.5 5.2 5.1 5.4 6.2 7.2 7.7 Savings (institutional investors) Investments Cash & deposits 2020 2021 2022 2023 2024 2025 4.8% 4.1% 4.2% 3.2% 2.7% 3.1% 2.9% 3.3% 6/26 LTM 6/26 LTM 26’F -1.8 9.3 6.4 2.1 1.0 2.9 4.6 4.0 5.5 2020 2021 2022 2023 2024 2025 6/26 LTM 26’F 27’F War 0.1 -0.7 2.8 5.3 3.0 3.2 2.6 1.5 1.8 2019 2020 2021 2022 2023 2024 2025 6/26 LTM 26’F 71 70 65 61 47 Sweden Israel Germany UK Italy
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6 2026 H1 & Q2 | Key Figures 26.1% 177% ROE Solvency1 1 Insurance Company Solvency with transitional measures as of March 31, 2026 13.1 NISb 658 NISb Shareholders Equity AUM 1,574 NISm Comprehensive Income 6.3 NIS Earning Per Share Q2/26 29.7% ROE 872 NISm Comprehensive Income 3.5 NIS Comp. Income per Share H1/26
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7 Continued strong performance, strategic growth, shifting mix Core income growth: +10% H1 YoY with 1.45 NISb (743 NISm in Q2), above expectations, guidance to be updated High growth in Asset Management: +36% H1 core income YoY reaching 579 NISm (+48% to 328 NISm in Q2), accelerating shift in mix toward capital-light, fee-based earnings from growth engines Insurance core income in line with expectations: 873 NISm in H1 (415 NISm in Q2), in line with expectations and market trends in motor; continued strong cash flow generation; significant positive impact expected from stochastic model (+1.2-1.5 NISb CSM, +100 NISm pre-tax income in 2027) and reinsurance costs 1 Phoenix disrupting market Phoenix platform with organic cross-sale potential: Growing app adoption with one million app users (including ~100k securities traders); growing cross-sales; expanding multi-engine, multi-channel capital generation platform Inorganic growth & building platform capabilities: Launched international P&C reinsurance capability with AA- rating through approximately 150 NISm investment with expected impact in 2027; capturing synergies in recent M&As (e.g., BUYME digital platform, multiple wealth managers); assessing additional opportunities 2 3 2026 H1 & Q2 | Key Takeaways Growing capital returns & payouts Growing payouts: 62% distribution from H1 earnings of nearly one billion NIS (720 NISm dividend, 252 NISm buybacks), including 65% totaling 567 NISm from Q2 (400 NISm dividend, 167 NISm buybacks); 2026 buyback plan increase from 300 to 400 NISm Strong permanent capital base: 177% Solvency, international credit ratings, balance-sheet optimization supporting acquisitions and capability building / organic growth, expected increase in equity following implementation of stochastic model
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8 Income Comprehensive, after tax, NISm ROE Core Income Core ROE Core Insurance Core Asset Management Non-Operating Effects (investments, rates, special) Core Income and Core ROE do not include Non-Operating Effects: Investment yields & variable fees above or below normalization (nominal risk-free rate + 2.50%, 2.25% before Q4/25, 3% real yields under IFRS 4), interest rate effects, and special items; for convenience, the statutory tax rate for taxable income for each activity is used, while the difference between the actual tax and the statutory tax is recorded in Special Items; see Glossary for definitions H1 2026 | Strong Core Income Growth IFRS 17 579 122 H1/26 892 426 178 H1/25 415 328 129 Q2/26 470 222 236 Q2/25 1,755 895 536 2025 1,666 630 73 2024 1,175 585 327 2024 872 450 -229 2023 790 390 -56 2022 552 314 1,450 2021 330 873 752 2020 1,5741,496 872928 271 2,369 2,087 1,0931,124 2,316 1,353 3,186 18.5% 26.3% 11.4% 601 866 1,180 18.6% 1,760 8.7% 10.7% 11.9% 15.9% 10.5% 1,322 12.6% 22.2% 2,296 21.6% 26.6% 2,650 22.6% 26.9% 1,318 26.1% 1,452 23.7% 23.8% 35.2% 692 25.2% 29.7% 743 24.8% +36% H1 / +48% Q2 Shifting mix +10% H1 / +7% Q2
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9 Capital Allocation | Institutional-Grade Capabilities Investment performance & track record: Responsible allocation & risk management: Team of over 100 investment professionals managing corporate account and client assets Mark to market reporting transparency (reporting volatility)3 International investments with leading partners, co-investments, & direct positions Group plans based on normalized returns3 Limited exposure to high-risk categories (e.g., HY private credit, software) High liquidity maintained including during market stress Proactive and proprietary dealflow and sourcing Responsible asset and liability management Real Yield 7.1% 8.0% 1.2%5.4% (3.2%) 4.3% 3.9%1 Returns – Corporate Account (“Nostro”) Percent (nominal) Asset Allocation - Corporate Account (“Nostro”) Percent (June 30th, 2026) 2019 2020 2021 2022 2023 2024 2025 H1/26 Ann. Average 5Y 7.4% 4.8% 10.6% 1.9% 4.5% 7.9% 8.5% 8.0% 6.7% 4% 37% 27% 11% 8% 13% Cash Fixed income (Govt) Fixed income (Corp) Equities Real estate Alternatives & other ~68% fixed income Above (below) nominal risk- free rate 7.2% 10.6% 0.2%4.7% 1.2% 3.6% 4.0%2 6.0% 4.1% 1 Five-year period (2021-25), based on known CPI LTM change as of end of period 2 Normalized investment performance for core income based on 3% real yields under IFRS 4 until 2024 and nominal risk-free rate + 2.25% under IFRS 17 starting 2025, increased to 2.50% starting Q4/25 3 Debt assets valued for Israeli institutional investors by external evaluator appointed by the regulator 5.3% 4.1%
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10 Growing Payouts & Disciplined Capital Returns Dividends & Buybacks From annual income, NISm 621 337 385 835 1,310 720 182 252 74 2021 56 2022 38 2023 2024 3021 2025 H1/26 695 393 423 1,017 1,612 972 Dividend Buyback Payouts highlight profitable growth & cash-flow generation Total payout (dividend + buyback): 62% from H1 earnings – in line with guidance of 55%+ (including 45%+ dividends), facilitated by diverse strong cash flows & remittance, strong financial position including Solvency II, ratings, liquidity Dividend: 400 NISm dividend announced from Q2 earnings (1.6 NIS/share, 46% of comprehensive income) Buybacks: 167 NISm executed during Q2 (2026 plan increased from 300 to 400 NISm) Track record: average dividend yield 5-6%; 5+ NISb dividends & buybacks since 2021 From annual income (including paid in following calendar year) Payout (Dividends + Buyback, from annual income) 30% 35% 39% 49% 51% 62% Shareholders’ equity 9,653 10,145 10,580 11,542 12,496 13,125 Paid during calendar year Dividends 580 581 297 535 1,515 680 Dividends per share (NIS) 2.3 2.3 1.2 2.1 6.0 2.9 Dividend yield (annualized) 2 7.1% 5.9% 3.1% 4.6% 6.5% 3.6% 1 In 2025, 300 NISm buyback plan was executed plus additional 2 NISm from 2024 plan 2 Dividend yield calculated based on total dividends distributed in calendar year divided by average market cap at beginning and end of year; figures before 2025 based on IFRS-4 income
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11 Strong Cash Flows | Growing Earning Remittance Note: Relates only to dividends distributed to Phoenix Financial and not to minority shareholders 1 Including dividend in-kind of 133 NISm Track Record ‘22 ‘23 ‘24 ‘25 615 555 250 1,243 Policy 40-60% Q1 Q2 Q3 Q4 YTD 300 3601 660 Group Cash Remittance from Subsidiaries (FCF) Announced dividends from income, by business, NISm Wealth & Investments Brokers & Advisors Financing Total cash remittance of 1,011 NISm from H1, supporting 972 NISm payouts (720 NISm dividends and 252 NISm buybacks) plus liquidity for organic growth and acquisitions ‘22 ‘23 ‘24 ‘25 18 221 217 248 ‘22 ‘23 ‘24 ‘25 - 536 93 248 ‘22 ‘23 ‘24 ‘25 8 21 26 73 70%+ 80%+ 30-50% 2026 Dividends Q1 Q2 Q3 Q4 YTD 60 68 128 Q1 Q2 Q3 Q4 YTD 103 70 173 Q1 Q2 Q3 Q4 YTD 21 29 50 Q1 Q2 Q3 Q4 YTD 484 527 1,011 ‘22 ‘23 ‘24 ‘25 641 1,333 586 1,812 Total Insurance Asset Management Insurance + + + =
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12 Highlights Strategy & Guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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13 v Opportunity | High-Growth Market 3.3 7.2 2015 2025 2035 92 489 2015 2025 2035 10 48 2015 2025 2035 69 148 2015 2025 2035 Assets held by public (NIStr)3 Revenues (NISb)4 Net income (NISb)4 Market cap (NISb)4 Financial Services market cap breakdown %4 10-15x P/E (w/ banks) 10-30% Margins (w/ investment yields) ~2% Revenues (w/ insurance premiums) Note: 20215-25 timeframe; 2025 figures based on actual data or estimations based on most recent published data 1 National Bureau of Statistics (2025) 2 Current USD, as of 2024, not PPP adjusted, World Bank 3 Include households and business financial assets managed directly or via institutional investors as of Feb 2026. Source: BOI report 4 Include public banks, credit card companies, insurance groups, investment houses and non-bank credit providers; data from TASE. US data taken from disfold.com and includes American top 100 financial companies by market cap as of Dec. 2025; Asset. Management service providers were included in Asset & Insurance Management category 5 As of 2024, Source: OECD Financial Indicators Dashboard. 500 NISb is calculated as gap pf 7% out of total 7 NIStr financial assets held by public in Israel Structural tailwinds Phoenix aspires to capture 10-20% share-of-value, driven by ~15% market share across activities (blended) 74% 66% 26% 2015 34% 2025 36% 64% US benchmark Platform disruption opportunity 2.2x 2x 5x 5x Growth & value creation in financial services sector Consumer demand: Growing permanent capital base and retail demand for integrated financial solutions driven by generational shift, globalization, and wealth accumulation across Israeli innovation economy; from deposits & real estate to securities, funds, & alternatives 7.7 5/26 Demographics: 2% annual population growth1 Productivity: 4% annual growth in GDP/capita, driven by tech & defense sectors, including domestic innovators & global leaders2 Wealth accumulation: 7% annual wealth compounding3 Deep resilience: high FX reserves, limited national debt, responsible monetary policy, efficient capital markets Asset management, insurance, other Commercial banks Phoenix v510 6/26 2% 7% Currency & Deposits % of financial assets5 18% Israel 11% US benchmark Platform disruption opportunity
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14 Strategy | Proven Value Creation Roadmap Attractive business model to capture opportunity Fee-based financial platform Recurring earnings from diversified, capital- efficient growth engines & 3m+ clients Wide moat Competitive advantages across value chain (e.g,. distinctive product development / relationships, ML underwriting, hybrid direct/channel distribution, integrated client platform w/ open architecture, automated service & claims Proven growth & performance 21% annual compounding of AUMs, 33% annual growth in core income, industry leading ROE Compounding organic growth Momentum from existing businesses while shifting mix to fee- based, capital-light growth engines (20% compounding in asset management) Building out innovative platform to accelerate growth Increasing cross-sales & deepening competitive advantages from client-focused, data-driven digital/AI innovation for customization, automation, multi-channel distribution, efficiency, agility Inorganic growth Focus on strategic M&As to accelerate synergies & market disruption, expanding platform capabilities Increasing capital returns Growing 55%+ distributions (dividends & buybacks), disciplined capital deployment while maintaining strong capital position 1 2 3 4 Strategic drivers of future growth & value creation
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15 Strategy | Growth Guidance & Upside Notes: Investment Policies reported under Insurance (Life Segment) through 2024, * Core Income & Core ROE do not include Non-Operating Effects: Investment yields & variable fees above or below normalization (3% real yields under IFRS 4 / nominal risk-free rate + 2.50% / 2.25% before Q4/2025), interest rate effects, special items ** Pending regulatory approval, forward looking Potential upside beyond guidance Early impact of innovative platform: Increasing cross-sales & deepening competitive advantages from client- focused, data-driven digital/AI innovation for customization, automation, multi- channel distribution, efficiency, agility Inorganic growth: Strategic M&As beyond guidance (including completed acquisitions) accelerating synergies & market disruption, expanding platform capabilities Increasing capital returns: Growing payouts (dividends & buybacks), disciplined capital deployment Additional catalysts: Stochastic model to be implemented with positive impact of 100 NISm on pre-tax core income and 1.2-1.5 NISb on CSM** Investment performance above normalization with net upside of ~300 NISm from difference between 4.0% historic average above nominal risk-free rate vs. 2.5% normalization in core income Regional developments creating opportunities for partnerships and collaborations Insurance Core Income Baseline NISb, before non-operating effects (capital markets, interest rates, & special items) 2021 2022 2023 2024 2024 IFRS 17 2025 IFRS17* 0.9 H1/26 2027 2028 Guidance 0.6 0.8 0.9 1.2 1.7 1.8 1.9-2.1 8.6% 12.0% 13.4% 17.0% 24.7%27.1% Core ROE 22.2% Asset Management 13.0% 11.8% 11.7% 14.0% 27.6%14.1%Core ROE 10.7% 11.9% 12.6% 15.9% 22.6%21.6% Core ROE 23.8% 0.9 1.2 1.3 1.8 2.3 2.7 1.5 2021 2022 2023 2024 2024 IFRS 17 2025 IFRS 17 H1/26 2027 2028 Guidance 3.3-3.5Phoenix Financial 10% CAGR 2025-28 1 2 3 4 Continuing 10% baseline organic growth: Momentum from existing businesses while shifting mix to fee- based, capital-light growth engines (20% compounding in asset management) Guidance to be updated 2021 2022 2023 2024 2024 IFRS 17 2025 IFRS17* 0.6 H1/26 2027 2028 Guidance 0.3 0.4 0.5 0.6 0.6 0.9 1.3-1.55% CAGR 2025-28 20% CAGR 2025-28 19.4% +36% +10% -2%
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16 Phoenix Platform | Capturing Opportunity Untapped cross-sale opportunity Integrated client platform connecting savings, investments, insurance, and financing Product and distribution ecosystem experience with AI-driven personalization Full solution suite in one place – investments, insurance, financing Savings & retirement Financing - consumer credit Investment policies – best-in-class global solutions Insurance - motor / home / travel / pet / health / life Securities trading / brokerage Employee stock option administration
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17 Fee-Based Platforms | Compounding AUMs Assets Under Management NISb, end of period 154 160 54 84 44 30/06/2026 146 144 47 84 43 2025 117 123 135 32 80 38 2024 92 113 90 23 79 36 2023 67 111 66 20 75 32 2022 53 146 70 17 80 32 2021 37 35 56 10 68 29 2020 31 34 52 8 63 162 2019 Retirement- Pension Retirement- Provident Wealth & Investments Investment Policies Insurance Nostro 117 658 610 525 433 371369 234215 27 +19% CAGR Note: Investment Policies reported under Insurance (Life Segment) through 2024, starting 2025 to be reported under Asset Management in step with IFRS-17 implementation 2028 Guidance 700-800 NIS Asset Management AUM does not include additional AUA (assets under administration) including in brokers & advisors, securities brokerage & ESOP platforms Beyond overall AUM growth - shifting mix to higher margin, higher multiple solutions, focused growth of Wealth & Investments, Investment Policies and Nostro Up to 10% CAGR as baseline before upside and acquisitions Guidance to be updated
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18 Fee-Based Platforms | Compounding EBITDA 247 88 H1/25 92 154 247 45 Q2/26 58 127 163 37 Q2/25 230 518 621 198 2025 190 381 467 147 2024 125 332 347 122 2023 88 324 308 127 2022 59 261 162 57 2021 54 211 166 28 2020 Payments & Financing Brokers & Advisors Wealth & Investments Retirement 2028 Guidance 2027 156 311 425 88 H1/26 118 2,400-2,600 980 230 538 385 1,567 1,185 926 769 540 458 761 29% 40% 28% CAGR Note: See Glossary for definition of Adjusted EBITDA As of 2025, Investment Policies to be included in EBITDA Growth engines include Wealth & Investments, Retirement, Brokers & Advisors, Payments & Financing Significant FRE (Fee-Related Earnings) & EBITDA • Mostly low-risk fees & commissions • In addition, spread income from Financing (adjusted EBITDA includes finance expense & provisions) Strategy focused on accelerated growth, with strong organic capabilities & proactive acquisitions 903 NISm adjusted EBITDA not including minority interest in H1 2026 Asset Management Adjusted EBITDA NISm, consolidated including minorities Asset Management Not including insurance Guidance to be updated
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19 Deep Dive | Wealth Investments & Retirement 2028 Guidance 2027 281 H1/2620252024202320222021 485 305 230200142 2028 Guidance 2027 513 H1/2620252024202320222021 819 614 468357 219 Core Income, net NISm, before non-operating effects Adjusted EBITDA NISm, consolidated including minorities Description: Investment House (Funds & ETFs, Brokerage, Portfolios, ESOP, W), with current brokerage client base of roughly 100k accounts in 2026; position in “Beta” ETFs (Poland) Wealth management buildout including Fidelis acquisition Retirement (Pension & Provident) Investment Policies Phoenix Capital Partners Experienced management / equity partners Strategy: Capturing significant market opportunity Accelerated growth based on market leadership, scale, client focus, and differentiated products / distribution Building wealth management platforms Increasing cross-sells Core Income - Comprehensive Income assuming nominal risk-free rate + 2.50% (2.25% before Q4/2025), net of minorities and tax; adjusted EBITDA - see Glossary for definition AUM NISb Revenues NISb 30/06/262025202420232022 530483 407 295 244 +26% CAGR 1.5 H1/262025202420232022 2.4 2.1 1.61.4 Asset Management 650-750 1,300-1,400 Guidance to be updated
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20 Deep Dive | Brokers & Advisors 2028 Guidance 2027 186 H1/2620252024202320222021 265 176159154147 2028 Guidance 2027 311 H1/2620252024202320222021 800-900 518 381332324261 Description: Advisory, benefit administration, retirement planning, & insurance (life, health, P&C, specialties) Independent brokers providing access to all asset managers / insurance groups; Phoenix distributes across multiple channels Cash-generative, recurring revenues & capital-light business model, market leader but still low 8% market share1 Experienced management / equity partners Consolidating minority positions Strategy: Accelerated organic growth based on capabilities, scale, technology, and broad investment solutions Inorganic growth / rollups of smaller firms onto platform Streamlining & investing in capabilities, technology, infrastructure, capital efficiency and cross-sell Core Income NISm, net of tax & minorities, before non-operating effects Adjusted EBITDA NISb, consolidated including minorities Core Income - Comprehensive Income assuming nominal risk-free rate + 2.50% (2.25% before Q4/2025), net of minorities and tax; adjusted EBITDA - see Glossary for definition 1 Based on share of commission out of total commissions published by MoF Revenues NISm 578 H1/2620252024202320222021 1,094 939 819 770 635 15% CAGR 400-500 Asset Management Acquisition of minorities Guidance to be updated
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21 Deep Dive | Payments & Financing Core Income, net NISm, before non-operating effects Adjusted EBITDA NISm, consolidated Phoenix Financial has several credit & financing activities – Phoenix Gama is the primary platform and is included in the Payments & Financing segment, but in addition several other activities provide financing or related solutions or invest in fixed income instruments from corporate account (Nostro) funds or client assets and are not included in this segment Core Income - comprehensive income net of investments and special items; adjusted EBITDA - see Glossary for definition Revenues Gross, NISm 350-400 250-300 Asset Management Financing Portfolio NISb Description: Fee-related Earnings (FRE) including credit card clearing & solutions, SME payments facilitation, BUYME digital gift-card platform with over 1.2 million end users, 15k employer relationships and 1.2k brands and merchants, Holdings in El-al Frequent Flyer Club (increased from 20% to 25%) Spread-based earnings including SME lending of mostly secured loans, strong cross-sell to existing merchant clients, Construction Finance, Consumer Credit Strategy: Accelerating growth across segments, focused on fee-based services and low-risk financing based on capabilities, client relationships, organizational infrastructure, scale, synergies Growing BUYME digital platform client pool, capturing synergies and increasing effective cross-sell Broadening credit solutions & financing value propositions across client segments Improving capital management & infrastructure Responsible risk management aligned with banking best practices 2025: 212 NISm fee-related revenues from 366 NISm net revenues 59 88 125 190 230 156 2021 2022 2023 2024 2025 H1/26 2027 2028 Guidance 24 36 61 105 145 112 2021 2022 2023 2024 2025 H1/26 2027 2028 target 126 NISm fee-related earning 1.4 2.1 2.5 3.4 4.8 5.7 2021 2022 2023 2024 2025 30/06/26 98 231 340 433 503 333 2021 2022 2023 2024 2025 H1/26 Guidance to be updated
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22 Deep Dive | Insurance Insurance P&C High growth in market share from 12.2% to 15.2% during 2020-25, balancing margins and growth with advanced pricing engine (e.g., significant increase in number of motor property policies in “Smart” direct platform LTM) Competitive advantages across value chain in underwriting, distribution, service, claims management with digitization, data & AI Distinctive hybrid distribution model of direct “Smart” platform and traditional agent channels Life & Health Disciplined growth focused on attractive products Optimization of business mix, CSM management, capital deployment, financial & operational efficiency, and reduced volatility; management of long- term liabilities with less certain outcomes, reducing overall cost of equity, implementation of stochastic model* Technology driven performance & efficiency including digitization, automation, data, AI Managing performance given cyclicality in motor property to capture opportunities and maintain margins Growth driven by market trends (increasing penetration, demographics) and capturing share in key segments / products Shifting mix to capital-efficient P&C and selected L&H products Significant cash flow generation based on strong capitalization / Solvency Technology driving additional upside from efficiency and competitive advantages (e.g., digitization, automation, AI) P&C GWP (NISb) & Market share (%) 3.5 3.2 3.7 4.5 4.9 5.3 2.4 2020 2021 2022 2023 2024 2025 H1/26 2027 2028 6.3-6.7 12.6% 13.4% 14.3% 14.3% 15.2% 9,049 01/01/2026 Economic variances, interest & other New business Release 9,065 30/06/2026 112 377 -475 Evolution of CSM & VNB of Investment Policies NISm +1.2-1.5 NISb Expected impact of stochastic model 12.2% * Pending regulatory approval, forward looking
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23 Highlights Strategy & guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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24 Insurance Segment Accounting | Update Update Highlights Allocation of capital and net investment income from “Other Equity Returns” segment to business unit segments Life, Health, and P&C No change to total core income and normalization method Capital returns are allocated to business segments that use the capital, better reflecting capital needs and impact on segment performance Investment returns on assets & associated costs are considered part of the economic performance of the operating segments Allocation ratios to be updated annually based on capital needs Allocation is consistent with regulatory guidance and IFRS principles Life Health P&C Other Equity Returns Total 2025 (Q2) Reported Income 133 250 291 43 717 Core Income (proforma) 171 264 295 (13) 717 Difference +38 +14 +4 (56) 0 2025 (H1) Reported Income 239 487 506 116 1,348 Core Income (proforma) 321 522 517 (13) 1,348 Difference +82 +35 +11 (129) 0 2025 (annual) Reported Income 478 980 887 318 2,663 Core Income (proforma) 669 1,077 917 0 2,663 Difference +191 +97 +30 (318) 0 2026 (Q1) Reported Income 84 252 209 137 682 Core Income (proforma) 147 294 222 19 682 Difference +63 +42 +13 (118) 0 Impact on Previous Periods Core Income Before Tax by Segment (Proforma) NISm * Additional 1-2 NISm quarterly income reallocated from Other Equity Returns segment to the Wealth & Investments segment under Asset Management to reflect the Investment Policies activity for the reported periods Roughly 64% of “Other Equity Returns” segment core income is allocated to business segments
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25 Income by Source | H1 2026 1,310 2,409 1,574891 208 Core Insurance Core Asset Management Non operating Income before tax and minorities (769) Tax (66) Income before tax and minorities Comprehensive income Breakdown Before Tax – By Segment NISm Core Income Breakdown (Comprehensive) H1 2026, NISm (*) Investment income and variable management fees above/below nominal risk-free + 2.50% (2.25% before Q4/2025) (**) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “other equity”- See slide 24 H1/26 H1/25 Difference P&C 456 517 (61) Health 556 522 34 Life 282 321 (39) Other Equity Returns 16 (14) 30 Core Insurance 1,310 1,346 (36) Retirement 86 73 13 Wealth & Investments 373 251 122 Brokers & Advisors 276 211 65 Payments & Financing 135 98 37 Other 21 43 (22) Core Asset Management 891 676 215 Investment Income (*) 317 482 (165) P&C 166 80 86 Health 55 78 (23) Life 23 127 (104) Other Equity Returns 110 212 (102) Retirement (10) 6 (16) Wealth & Investments (13) 6 (19) Brokers & Advisors (19) (9) (10) Payments & Financing (12) (18) 6 Other 17 - 17 Interest (45) (134) 89 P&C (30) (11) (19) Health 26 (11) 37 Life (41) (112) 71 Special Items (64) 25 (89) P&C (2) 2 (4) Health - - - Life (37) 76 (113) Other Equity Returns 16 (7) 23 Retirement - - - Wealth & Investments (22) (62) 40 Brokers & Advisors (19) 7 (26) Payments & Financing - - - Other - 9 (9) Non-operating income 208 373 (165) H1-25 1,346 676 373 2,395 (828) (71) 1,496 Difference(**) (36) 215 (165) 14 59 5 78
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26 Income by Source | Q2 2026 630 1,344 872498 216 Core Insurance Core Asset Management Non operating Income before tax and minorities (436) Tax (36) Income before tax and minorities Comprehensive income Breakdown Before Tax – By Segment NISm Core Income Breakdown (Comprehensive) Q2 2026, NISm (*) Investment income and variable management fees above/below nominal risk-free + 2.50% (2.25% before Q4/2025) (**) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “other equity”- See slide 24 Q2-26 716 344 479 1,539 (578) (33) 928 Difference(**) (86) 154 (263) (195) 142 (3) (56) Q2/26 Q2/25 Difference P&C 234 295 (61) Health 262 264 (2) Life 135 171 (36) Other Equity Returns (1) (14) 13 Core Insurance 630 716 (86) Retirement 48 31 17 Wealth & Investments 214 126 88 Brokers & Advisors 135 109 26 Payments & Financing 73 47 26 Other 28 31 (3) Core Asset Management 498 344 154 Investment Income (*) 623 804 (181) P&C 146 113 33 Health 108 134 (26) Life 292 322 (30) Other Equity Returns 90 242 (152) Retirement (4) 9 (13) Wealth & Investments 12 7 5 Brokers & Advisors (9) (5) (4) Payments & Financing (3) (18) 15 Other (9) - (9) Interest (350) (360) 10 P&C (77) (45) (32) Health 25 (26) 51 Life (298) (289) (9) Special Items (57) 35 (92) P&C 1 (2) 3 Health - - - Life (15) 106 (121) Other Equity Returns (14) (15) 1 Retirement - - - Wealth & Investments (16) (46) 30 Brokers & Advisors (13) (8) (5) Payment & Financing - - - Other - - - Non-operating income 216 479 (263)
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27 Income by Segment | H1 2026 590 2,409 1,574 637 227 338 238 P&C Health Life Other Equity Returns 76 Retirement Wealth & Investments Brokers & Advisors 123 Payments & Financing 38 Other Income before Tax & Minority (769) Tax (66) Miniority H1/2026 142 Segment Income Breakdown (Comprehensive) H1 2026, NISm 1,596 Insurance 813 Asset Management (*) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 H1-25 588 589 412 191 79 195 209 80 52 2,395 (828) (71) 1,496 Difference(*) 2 48 (185) (49) (3) 143 29 43 (14) 14 59 5 78
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28 Income by Segment | Q2 2026 304 1,344 872 395 114 210 113 P&C Health Life Other Equity Returns 44 Retirement Wealth & Investments Brokers & Advisors 70 Payments & Financing 19 Other Income before Tax & Minority (436) Tax (36) Miniority Q2/2026 75 Segment Income Breakdown (Comprehensive) Q2 2026, NISm 888 Insurance 456 Asset Management (*) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 Q2-25 361 372 310 213 40 87 96 29 31 1,539 (578) (33) 928 Difference(*) (57) 23 (196) (138) 4 123 17 41 (12) (195) 142 (3) (56)
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29 CSM Evolution | Breakdown by Segment & Growth Profile Evolution of CSM (and VNB of Investment Policies) NISm 1 Growth products include life risks, disability, medical expense, critical illnesses; run-off products include long-term care & executive savings 2 Special items include on-time impact of actuarial research on demographic assumption and economic variances 3 Figures are based on the IFRS 17 methodology 4 Pending regulatory approval, forward looking 8,392 8,325 8,325 56657 01/01/2026 7537 Economic variances, interest & other 322 New business 49426 Release 739 30/06/2026 Special items 739 30/06/2026 Investment Policies CSM (Life & Health) 9,049 112 378 -475 9,064 9,064 No special items during H1 Not including special items Health Growth1 5,091 (7) 101 (138) 5,047 - 5,047 Run-off 1,326 3 0 (19) 1,310 - 1,310 Total 6,417 (4) 101 (157) 6,357 - 6,357 Life Growth1 645 (55) 64 (27) 627 - 627 Run-off 1,330 242 0 (32) 1,540 - 1,540 Total 1,975 186 64 (59) 2,167 - 2,167 Investment Policies 6573 16 32 (25) 680 - 680 Total 9,049 199 197 (241) 9,204 - 9,204 Optimized & focused growth of new business Implementing stochastic model (in progress), expected to have material positive impact on CSM of 1.2-1.5 NISb4 Investment policies’ VNB (non- IFRS 17) restated for comparability to CSM in IFRS 17 Insurance Health Growth1 5,047 (41) 113 (136) 4,983 - 4,983 Run-off 1,310 (17) - (19) 1,274 - 1,274 Total 6,357 (58) 113 (155) 6,257 - 6,257 Life Growth1 627 (42) 44 (25) 604 - 604 Run-off 1,540 (46) - (30) 1,464 - 1,464 Total 2,167 (88) 44 (55) 2,068 - 2,068 Investment Policies 680 59 24 (24) 739 739 Total 9,204 (87) 181 (234) 9,064 - 9,064 Q1 Q2
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30 31/12/2025 CPI linked Floating interest Fixed interest Total Total Financial Solo 1,538 298 1,934 3,770 2,749 Insurance2 Tier 1 capital 1,138 - - 1,138 878 Tier 2 capital 4,298 199 809 5,307 4,456 Tier 3 capital - - - - - Insurance Total 5,436 199 809 6,444 5,334 Retirement - 802 - 802 700 Payments & Financing - 2,341 - 2,341 2,435 Brokers & Advisors - 796 - 796 198 Wealth & Investments - 1,151 - 1,151 552 Asset Management Total - 5,091 - 5,091 3,885 Total bonds and loans 6,974 5,588 2,743 15,305 11,967 Exposure Ratio 46% 37% 18% 100% 100% Derivatives, Repo & Other (Nostro) 1,606 3,180 Derivatives, Repo & Other (Unit linked) 2,279 2,682 Credit cards liabilities (Gama) 1,138 2,118 Total 20,328 19,947 Bonds and Loans 30/06/2026 Phoenix Financial Solo NISm 31/12/2025 30/06/2025 30/06/2026 ΔH1/25-H1/26 Cash and cash equivalents 148 189 156 -34 Investment in Restricted Tier 1 capital of Phoenix Insurance 1,292 1,275 1,315 39 Receivables and debit balances 96 45 102 57 Investments in investees 12,171 11,556 13,640 2,084 Dividend receivable from Phoenix Insurance - - 23 23 Loans and capital notes to investees 673 774 667 -106 Other financial investments measured at fair value 174 198 181 -17 Other financial investments measured at depreciated cost 124 110 169 59 Other financial assets 637 592 676 84 Other Assets 23 25 17 -9 Total Assets 15,338 14,764 16,946 2,182 Financial liabilities 2,749 2,537 3,770 1,233 Payables and credit balances 88 30 42 12 Other Liabilities 5 13 9 -4 Total equity 12,496 12,184 13,126 942 Total equity and liabilities 15,338 14,764 16,946 2,182 IFRS 17 Balance Sheet | Strong Liquidity & Low Leverage Net financial debt exposure includes financial assets & only some of the financial liabilities (see Q2/26 Financial Statements – Section 4.4 in the BOD Report); Liabilities include use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Investment House) and Gama financing for credit portfolio and improved capital structure; * For more details, see 2025 Financial Reports (Note 6) 1 Phoenix Financial, Insurance, and Gama rated by 2 rating companies (Maalot & Midrug) 2 335 NISm relates to seed investments Balance Sheet (Solo) NISm Financial Assets 2,856 Financial Liabilities Entity Rating1 Actual highlights Phoenix Financial AA 1%-5% LTV Phoenix Insurance AAA 177% Solvency (with transitional measures) Phoenix Investment House AA- >10x EBITDA / financing expenses Phoenix Gama AA >10% Risk / Capital (RAC) Phoenix Brokers AA+ <1x Debt / EBITDA Phoenix Pension & Provident AA- <5x Debt / EBITDA Group Leverage Highlights (2)
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31 Capital Management & Solvency 150-170% Solvency ratio (Insurance Co.) Solvency II implementation (Insurance Co.) Solvency II implemented in Israel in line with international standards, with strong regulatory oversight Transitional measures through 2032, with natural offset from Phoenix backbook runoff (expected to release Solvency capital requirements and risk margin at least as high as transitional measures through 2032, reflecting the difference between Solvency ratio with and without transitional measures) Standard model used (internal models not allowed) Phoenix Solvency does not include group equity outside Insurance Company; significant additional group capital resources held under Phoenix Financial (formerly Phoenix Holdings) Quarterly publication of Solvency ratio with one quarter delay; full breakdown for Q2 and Q4, with only transitional headline figure for Q1 and Q3 Changes in Solvency Ratio 177% with transitional measures estimated as of March 2026 (Including 300 NISm dividend distributed during Q2/2026 & dividend and dividend in kind of 360 NISm announced) Implementing stochastic model (in progress), expected to have material positive impact on CSM and ~12% increase in Solvency1 Insurance Company BOD dividend threshold raised to 125% without transitionals as of the results for June 30, 2026 Cashflow and Liquidity (Phoenix Financial – group level) Insurance subsidiary dividend payout 40-60% of comprehensive income, in line with solvency target range Asset Management generates significant cash from fee-based earnings (e.g., investments, brokers, payment) Strong liquidity at Phoenix Financial level including Phoenix Insurance Tier-1 capital notes of 1.3 NISb (trading on Tel-Bond 40 index) & 1%-5% net debt LTV Insurance Company with international ratings (Moody’s A3, S&P A-) and AAA local rating; Phoenix Financial with international ratings (S&P BBB, Moody’s A2) and AA local rating Accounting Income Dynamic management of market exposures Increase of Tier-1 capital in Q2/26 157%155% 2024 Target Range 178%183% With transitional measures Without transitional measures BOD dividend threshold 121% 123% Economic Capital NISb Surplus SCR 8.6 7.2 9.6 7.6 15.8 17.4 2025 177% 03.2026 194% 152% 2023 115% 7.6 7.2 14.8 1 Pending regulatory approval, forward looking
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32 Highlights Strategy & guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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33 Q1/26 Q2/26 Q2/25 H1/26 H1/25 Compulsory Motor 41 59 53 100 80 Motor Property 90 53 102 143 188 Property & Liabilities 91 122 140 213 249 Total 222 234 295 456 517 83.0% 81.3% 73.4% 82.0% 76.7% Core Income (Before Tax) Combined Loss Ratio* (in retention) P&C Comprehensive Income Before Tax NISm 456 166 590 Core Income Investments (30) Interest (2) Special items H1/26 Non-Operating On track toward guidance with opportunities to take additional share Motor property impacted by market trends, cushioned by competitive advantages in pricing and underwriting, significant increase in number of policies in “Smart” direct platform LTM Improved technology capabilities across value chain including proven machine learning optimization in motor underwriting & improved automation & performance in claims management (improving loss ratio); implementing AI across activities Pheonix Insurance started to purchase reinsurance from the sponsored international reinsurance facility (AA-) in July 2026, cost improvement expected from competitive pricing terms in 2027 Reinsurance results in 2025 reflect impact of one-time claim Insurance Note: Core Income does not include Non-Operating Effects including investment yields & variable fees above or below nominal risk-free rate + 2.50% (2.25% prior to Q4/25), interest rate effects, & special items; * Combined Loss Ratio for motor (compulsory & property) is 88.1% for H1 2026 and 89.2% for Q2/2026 (*) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 H1-25 517 80 (11) 2 588 Difference(*) (61) 86 (19) (4) 2 Q2-26 234 146 (77) 1 304 Q2-25 295 113 (45) (2) 361 Difference(*) (61) 33 (32) 3 (57)
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34 Q1/26 Q2/26 Q2/25 H1/26 H1/25 75 62 82 137 167 129 129 112 258 224 90 71 70 161 131 294 262 264 556 522 Critical Illness & other Long-Term Care Total Core Income (Before Tax) Medical Expenses Health Continued improvement in core income from underwriting profit Focusing growth on capital efficient products (e.g., critical illness, travel) Positive non-operating effects 556 637 55 Core income Investments 26 Interest 0 Special items H1/26 Non-Operating Comprehensive Income Before Tax NISm Insurance Note: Core Income does not include Non-Operating Effects including investment yields & variable fees above or below nominal risk-free rate + 2.50% (2.25% prior to Q4/25), interest rate effects, & special items; 2024 figures IFRS-17 pro forma (*) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 H1-25 522 78 (11) - 589 Difference(*) 34 (23) 37 - 48 Q2-26 262 108 25 - 395 Q2-25 264 134 (26) - 372 Difference(*) (2) (26) 51 - 23
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35 Q1/26 Q2/26 Q2/25 H1/26 H1/25 33 27 76 60 132 40 38 26 78 64 74 70 69 144 125 147 135 171 282 321Total Core Income (Before Tax) Risk Saving Non-Participating Saving Participating Life & Savings Decreased core income in underwriting profit mostly from risk claim expenses in Q2 Stochastic model to be implemented with positive impact with initial estimates of roughly +100 NISm pre-tax core income and 1.2-1.5 NISb CSM** Negative non-operating effects mainly due to interest rate effects Growth in Investment Policies reported under Asset Management Non-Operating Comprehensive Income Before Tax NISm Insurance Note: Core Income does not include Non-Operating Effects including investment yields & variable fees above or below nominal risk-free rate + 2.50% (2.25% prior to Q4/25), interest rate effects, & special items; 2024 figures IFRS-17 pro forma * 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 ** Pending regulatory approval, forward looking 282 227 23 Core Income Investments (41) Interest (37) Special items H1/26 H1-25 321 127 (112) 76 412 Difference(*) (39) (104) 71 (113) (185) Q2-26 135 292 (298) (15) 114 Q2-25 171 322 (289) 106 310 Difference(*) (36) (30) (9) (121) (196)
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36 Other Equity Returns (Insurance) 16 142110 16 Financial Margin Investments Special Items H1/26 Comprehensive Income Before Tax NISm Partially allocated to business segments starting Q2 (see explanation in Slide 24) Strong contribution from corporate account investment performance Insurance Note: Core Income does not include Non-Operating Effects including investment yields & variable fees above or below nominal risk-free rate + 2.50% (2.25% prior to Q4/25), interest rate effects, & special items; 2024 figures IFRS-17 pro forma (*) 2025 comparable numbers have been updated proforma to reflect re-allocation of investment income between business segments and “Other Equity Returns” - see Slide 24 H1-25 (14) 212 (7) 191 Difference(*) 30 (102) 23 (49) Q2-26 (1) 90 (14) 75 Q2-25 (14) 242 (15) 213 Difference(*) 13 (152) 1 (138)
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37 Wealth & Investments | Investment House & Capital Partners Note - Brokerage includes private and institutional brokerage as well as market making (market making was previously reported with ETFs); portfolio management under Mutual Funds & ETFs; part of Phoenix Capital Partners income reclassified from Mutual Funds & ETFs to Alternatives & Wealth; Phoenix Investment House is rated by S&P Maaolot with local rating of ilAA- long-term, with stable outlook Comprehensive Income Before Tax NISm Higher income across sub-segments Strong growth in Mutual Funds & ETFs; acquisition of Ocean Investment House portfolio of 6 funds with 2 NISb AUM Continued growth in brokerage platform with roughly 100k users, increase in average revenues per client, improved margins, alternative investments for qualified investors Growth in Alternatives & Wealth business; building / acquiring multiple wealth management platforms including Fidelis Non-operating effects (investments & special items) include non-recurring unrelated costs & adjustments primarily associated with achieving control in alternatives and financing Asset Management 119 338129 125 Mutual Funds & ETFs Brokerage & ESOP Alternatives & Wealth (13) Investment Income (22) Special Items H1/26 Including Phoenix Capital Partners (with alternatives) & investment policies Non-Operating H1-25 88 104 59 6 (62) 195 Difference 31 25 66 (19) 40 143 Q2-26 74 73 67 12 (16) 210 Q2-25 46 58 22 7 (46) 87 Difference(*) 28 15 45 5 30 123
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38 Retirement | Pension & Provident 29 76 57 Pension Provident (10) Investments 0 Special items H1/26 Non-Operating Comprehensive Income Before Tax NISm Continued organic growth in AUM Focus on profitability including higher margin / efficient activities driving higher core income Negative non-operating effect of investments performance Asset Management Note: Company is rated by Midroog with local rating of Aa3.IL with stable outlook H1-25 27 46 6 - 79 Difference 2 11 (16) - (3) Q2-26 17 31 (4) - 44 Q2-25 11 20 9 - 40 Difference(*) 6 11 (13) - 4
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39 Brokers & Advisors 276 238 Core Income (19) Investments (19) Special Items H1/26 Non-Operating Comprehensive Income Before Tax NISm Strong 30% growth in core income before tax Continued significant organic growth with focus on investment products Continued inorganic growth including small acquisitions leading to higher core income Consistent improvement in performance and efficiency Building capabilities and infrastructure Asset Management Note: Phoenix Brokers is rated by S&P Maaolot with local rating of ilAA+ long-term, with stable outlook H1-25 211 (9) 7 209 Difference 65 (10) (26) 29 Q2-26 135 (9) (13) 113 Q2-25 109 (5) (8) 96 Difference 26 (4) (5) 17
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40 Payments & Financing Note: Phoenix Gama is rated by S&P Maalot with local rating of ilAA long-term, with stable outlook and by Midroog with local rating of Aa2.IL with stable outlook. For accounting reasons, there may be immaterial differences between segment reporting and Phoenix Gama solo reports 1 Not including credit card activities & short-term transactions; 17.2% Equity-to-Assets including these transactions 2 Construction Finance is mostly fee-based with partial spread-based income 3 Other segment includes non-attributed expenses and depreciation of intangible assets Comprehensive Income Before Tax NISm Significant growth in fee- related revenues and income including credit card solutions & selected financing activities, with minimal capital requirements & lower risk; BUYME digital platform acquisition included in segment with growing client pools and cross sales; increase in holding of El Al Frequent Flyer program from 20% to 25% Growth in consumer financing although still scaling (sub-scale) Investing in capabilities including marketing & G&A to drive growth and scale consumer financing Strong balance sheet with 21.7% Equity-to-Assets ratio1 Asset Management 82 123 53 Payments Construction Finance2 10 Business Financing (10) Consumer Financing 0 Other3 (12) Investment Income 0 Special Items H1/26 135 NISm core income pre-tax Fee-related Spread-based H1-25 61 38 12 (13) - (18) - 80 Difference 21 15 (2) 3 - 6 - 43 Q2-26 50 31 6 (5) - (12) - 70 Q2-25 29 20 5 (7) - (18) - 29 Difference 21 11 1 2 - 6 - 41 Non-Operating
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41 Other 14 387 17 Financial Margin Subsidiaries Investment 0 Special Items H1/26 Segment includes Phoenix Financial solo profits (including RT1 holding) as well as other items Restructured & optimized debt to improve capital & investments efficiency Comprehensive Income Before Tax NISm H1-25 41 2 - 9 52 Difference (27) 5 17 (9) (14) Q2-26 18 10 (9) - 19 Q2-25 29 2 - - 31 Difference (11) 8 (9) - (12)
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42 For further information & shareholder resources: www.phoenixfinancial.co.il
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43 Highlights Strategy & guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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44 Value Creation | Highlights Significant opportunity in growing market Attractive fee-based platform business model Wide moat across the value chain Phoenix’s proven value creation strategy focuses on growing fee-generating activities while optimizing recurring earnings mix, building out the integrated savings-to-investment platform, acquisitions, and disciplined capital deployment Phoenix is compounded AUMs with 20% CAGR generating organic & inorganic growth track records, strong capitalization and returns Strong future organic and inorganic growth Phoenix provides scaled institutional access to Israel’s innovative tech-driven economy with long-term structural tailwinds including demographics, productivity, rapid wealth accumulation, and shifting capital flows to more sophisticated investment and savings solutions 1 2 3 4 5 6 Growing payouts based on strong capital position Proven performance, growth and profitability Disciplined capital returns with growing dividends (5-6% average yield 2021-25) based on 55% payouts in dividends & buybacks, supported by long-term compounding, strong cash remittance across the platform, and permanent capital base flexibility with international ratings, high solvency, strong liquidity Distinctive market leading competitive advantages including integrated client platform, data infrastructure, AI / ML across value-chain (underwriting, distribution, management, servicing, claims), connected hybrid digital and advisory distribution ecosystem, differentiated origination and capital deployment in Israel and globally 2028 baseline guidance highlights 10% annual baseline organic core income growth with 20% annual growth in fee- generating platforms with strong client focus and cross-sell and 5% annual growth in insurance earnings with disciplined shift toward high-ROE P&C activities, portfolio optimization, and operational efficiency Upside potential from impact of full innovative platform (cross-sales and client-focused innovation), strategic M&As (completed and future), and increasing capital returns Phoenix is the leading financial platform and asset manager in Israel with $220 billion AUM and over 3 million clients / 1 million app users; Phoenix runs an institutional-grade capital generation and allocation platform with diversified, capital- efficient, recurring fee-based asset management growth engines (including wealth & investments, brokers & advisors, payments & financing) together with cash-generating multi-line insurance; open architecture linking best-in-class solutions with digital and personal advisory distribution channels
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45 Commercial BanksInsurance Asset Management Payments & Financing Brokers & Advisors Wealth Management Banking services Savings & loans Insurance brokers & agents Retirement planning Advisory Benefit administration Deferred debit cards Clearing Loans (SME, Private) Mutual funds & ETFs Retirement solutions Brokerage & portfolios Stock option administration Advisory Planning Solutions P&C Health Life Additional Digital Platforms Phoenix Platform Digital services Gifts Payments Market Opportunity | Financial Platform
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46 Proven Performance | Growth & Profitability Assets under Management (AUM) NISb 371 433 525 610 2022 2023 2024 2025 +18% p.a. Core Income NISm 1,180 1,322 2,296 2,650 2022 2023 2024 2025 +31% p.a. EBITDA (Asset Management) Adjusted, NISm 769 926 1,185 1,567 2022 2023 2024 2025 +27% p.a. ROE % 2022 2023 2024 2025 11% 11% 22% 27%
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47 Wide Moat | Competitive Advantages Across Value Chain Insurance Asset Management Market Access Product Underwriting Claims Service Hybrid distribution – app / digital, direct platform, agents Differentiated segment specific propositions – retail, businesses ML enabled risk selection and pricing engine AI driven claim management automation and fraud detection Self-service enabled by AI chat-bot Hybrid distribution – app, wealth management, brokers & advisors, other channels Broad offering (investments, retirement, savings, wrappers) including with global brands/partners Israel proprietary dealflow / structuring plus global access with leading partners Disciplined capital allocation to maximize risk- return profiles Client-focused multi-channel service including direct & wealth platforms Scale: brand, clients, management, capex Data: database, infrastructure, capabilities (e.g., personalization, accuracy, cross sales) Capitalization: resilience, liquidity, M&As, capital returns People: culture, leadership, partnership equity-based models Shared group capabilities Capital generation Investments solutions Origination Management Service
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48 Wide Moat | Global Outreach Global activities embed institutional-grade standards, best practices, and differentiated capabilities across the platform 40-50% global investments including fixed-income, PE, real-estate, infrastructure Investments 35-40% leading international funds & institutional investors Shareholders Indices Part of MSCI World, Israel indices BUY recommendations Analysts Partners Partnerships with leading global alternative / asset managers Board Executives with broad relevant international experience Reporting English reporting including financials, presentations, immediate reports, press A- (Insurance) BBB (Ph. Financial) A3 (Insurance) Baa2 (Ph. Financial) Ratings International ratings
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49 Sources of inspiration Wide Moat | Implementing Global Institutional Standards 1 Democratization of investment solutions Providing access to best practice manufacturing/origination, wrapping, distribution (including private markets) 2 3 Retirement solutions From savings to investments, personal advisory / benefits, digitization 4 5 Wealth platform Alternatives/privates, stock option administration, portfolios, retirement P&C excellence Underwriting/pricing, direct/indirect distribution, claims/value chain Innovation Technology, capital deployment, business models, alignment Deploying global best practices… Driving competitive disruption and massive value creation in Israeli financial services
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50 Phoenix Financial NISm 31/12/2025 30/06/2025 30/06/2026 ΔH1/25-H1/26 Cash 2,014 3,938 3,292 )646( Intangible Assets 6,038 5,697 7,102 1,405 Insurance contract assets 6,288 5,663 6,478 816 Investments in associates 1,485 1,993 2,069 76 Investment property - other 1,921 1,377 1,973 595 Credit for purchase of securities 6,593 6,141 7,775 1,633 Other Assets 2,906 3,194 3,169 )25( Other Financial Investments 36,829 35,208 37,756 2,547 Assets for yield-dependent contracts 133,866 121,734 140,486 18,752 Total Assets 197,940 184,945 210,099 25,153 Financial liabilities 19,947 19,883 20,328 444 Liabilities in respect of investments contracts 48,016 39,936 55,354 15,417 Liabilities in respect of insurance contracts 113,001 108,853 113,863 5,010 Other Liabilities 4,094 3,719 6,943 3,225 Total equity 12,883 12,554 13,612 1,058 Total equity and liabilities 197,940 184,945 210,099 25,153 IFRS 17 31/12/2025 CPI linked Floating interest Fixed interest Total Total Financial Solo 1,538 298 1,934 3,770 2,749 Insurance2 Tier 1 capital 1,138 - - 1,138 878 Tier 2 capital 4,298 199 809 5,307 4,456 Tier 3 capital - - - - - Insurance Total 5,436 199 809 6,444 5,334 Retirement - 802 - 802 700 Payments & Financing - 2,341 - 2,341 2,435 Brokers & Advisors - 796 - 796 198 Wealth & Investments - 1,151 - 1,151 552 Asset Management Total - 5,091 - 5,091 3,885 Total bonds and loans 6,974 5,588 2,743 15,305 11,967 Exposure Ratio 46% 37% 18% 100% 100% Derivatives, Repo & Other (Nostro) 1,606 3,180 Derivatives, Repo & Other (Unit linked) 2,279 2,682 Credit cards liabilities (Gama) 1,138 2,118 Total 20,328 19,947 Bonds and Loans 30/06/2026 Phoenix Financial Balance Sheet NISm Consolidated Balance Sheet | Strong Financial Position Net financial debt exposure includes financial assets & only some of the financial liabilities (see Q1/26 Financial Statements Section – Section 6 in the BOD Report) Liabilities include use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Investment House) and Gama financing for Finance (Credit) portfolio and improved capital structure * For more details see Financial Statements
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51 Highlights Strategy & guidance Financial Results Agenda Segment Breakdown Appendix Glossary
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52 Glossary Adjusted EBITDA Adjusted EBITDA - calculated as income before finance, taxes, depreciation and amortization in the relevant areas of activity; adjustments as detailed below: Investment House - IFRS 16 adjustment and special items Retirement (Pension and Provident) - IFRS 16 adjustment and amortization of DAC and special items Distribution (Brokers (Agencies)) - IFRS 16 adjustment and special items Finance (Credit) - IFRS 16 adjustment, financing expenses, Finance (Credit) provisions, and special items AM Asset Management AUM Assets Under Management; the total market value of all the investments that are managed by the Company Bps Basis Points; 1 basis points is .01% CGU Cost Generating Unit CI Comprehensive Income CLR Combined Loss Ratio CO Corporate, Other and Consolidation Core Income Income from operations not including investment yields & variable fees above/below 3% real yields, interest rate effects, and special items Core ROE Core income as a percent of total equity CPI Consumer Price Index; measures the average change of prices in an agreed upon basket of consumer goods and services over time CSM Contractual Service Margin D&O Directors and Officers Liability Insurance DAC Deferred Acquisition Cost ESOP Employee Stock Ownership Plan; workplace benefit program, that provides the employees with ownership interest in the company. ETF Exchange Traded Fund; an open end, tradable basket of securities that tracks an underling index, sector, or security type FCF Cashflow generated by dividends from subsidiaries to group level Fixed-Rate Gov Bonds A government issued bond for which the interest income payment is agreed upon and does not change FX Foreign Exchange Currency Gama Financial services and Finance (Credit) company owned by the Phoenix Group Halman corporate funds Israeli Electric Company (IEC) Illiquidity Premium Or Liquidity Premium; premium demanded by investors when any given security cannot be easily converted into cash for its fair market value. IMF International Monetary Fund Insurance Core Income Core Income from insurance activities Index Linked Gov Bonds A government issued bond for which the interest income payment is related (or linked) to the CPI LAT Liability Adequacy Test Liquidity Premium See Illiquidity Premium LOB Line of Business LTC Long Term Care insurance; typically helps pay for costs associated with long term care
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53 Glossary MSCI Morgan Stanley Capital International Emerging Markets Index; measures the performance in equity markets, specifically in global emerging markets Mutual Fund Open end, non-tradable basket of securities that tracks the performance of an undelaying index, sector, or security type Net Inflows The net amount of new cash, excluding the impact of investment market value; calculated by subtracting withdrawals from new deposits NIS New Israeli Shekel Non-Marketable Securities Asset group that is considered to be difficult to buy or sell due to the fact they are not traded on any major exchange; could include government issued debt securities, limited partnerships, real estate investments and more Non-Operating Income Impact on income of investment yields & variable fees above/below 3% real yields, interest rate effects, and special items Nostro The account in which a financial institution manages its own funds OPEX Operational Expenses P&C Property and Casualty insurance PF Phoenix Financial PHI Permanent Health Insurance PI Phoenix insurance PLI Professional Liability insurance Reinsurance A balancing risk strategy; one or more insurers that share the liability Revenue All encompassing streams of income; including, but not limited to: premium, management fees, benefit contributions RFR Risk Free Rates ROE Return On Equity; calculated by dividing net income over total equity Services Core Income Core Income from Services activities including asset management, distribution, and Finance (Credit) SME60 “The Rest Index”; tracks the performance of the 60 largest market value companies that are excluded from the Tel Aviv Stock Exchange Special Items Changes in profit or loss that are not part of the usual business of the Company, including changes in actuarial research, actuarial model changes, other structural changes and strategic acquisition costs in AM segment Tel Bond 20 Index that tracks the performance of the 20 largest Index Linked Corporate Bonds in terms of market value Tel Bond 40 Index that tracks the performance of the 40 largest Index Linked Corporate Bonds in terms of market value Tel Bond 60 Index that tracks the performance of the 60 largest Index linked Corporate Bonds in terms of market value TLV 125 An index that tracks the performance of the 125 largest market value companies in the Tel-Aviv Stock Exchange TLV 35 An index that tracks the performance of the 35 largest market value companies in the TLV Stock Exchange TLV 90 An index that tracks the performance of the 90 largest market value companies in the TLV stock Exchange TMTP Transitional Measures on Technical Provisions Workers’ Compensation Insurance Insurance coverage for employees’ injuries or sickness Yield Curve A line that plots interest rates of bonds with equal Finance (Credit) risk with different maturity dates in the future LTS Long Term Services; including but not limited to Life, Provident and Pension funds Marketable Securities Liquid financial assets that can be quickly converted into cash; most are trading assets MF Management Fees; wages charged by a financial manager Moody’s A Finance (Credit) risk rating agency